Woolwich can bank on `yes' vote
Monday 10 February 1997
While some dissenting voices will be heard at the meeting in the London Arena, their "no" votes are unlikely to derail the pounds 3bn flotation from its July 7 timetable. Most members are expected to have voted by post already, although the number will not be known until tomorrow as Woolwich has not asked its adjudicator for a progress report. "We've decided to leave the whole thing independent," a spokesman said.
Halifax's 9 million members will vote on its flotation plans in a fortnight's time. Last month Alliance & Leicester's members voted in favour of their society's flotation.
At least 20 per cent of Woolwich's investing members must vote and at least 75 per cent of those must vote in favour. For borrowing members a 50 per cent vote in favour is required, the spokesman said.
Peter Budek, leader of the Woolwich Action Group based in Bedford, has pledged to vote against the planned stock market flotation. But, he admitted to being "disheartened" and "disappointed".
"There's little one can do to change the flow," Mr Budek said.
He argues that Woolwich plc is likely to shut down unprofitable branches and raise interest rates for mortgages.
The "bribe" of free shares is more influential, though. Each qualifying member receives a basic distribution of 450 free shares and investors of two years' standing get an additional distribution of up to 2,000 more shares depending on the balance in their accounts on key dates.
Schroders, the investment bank advising Woolwich, and BZW, the stockbroker to the flotation, estimate Woolwich would have had a market capitalisation of between pounds 2.96bn and pounds 3.38bn had the conversion happened on 20 December 1996.
This implies a price per share of between 175p and 200p which gives a mid-price of 187.5p. At that price, the basic distribution is worth pounds 844.
- 1 Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
- 2 Greggs Google fail: bakery falls afoul of search engine's algorithms with 'unofficial' logo
- 3 Is this the end of apps? New research says a third of us don't bother to download
- 4 Here’s the damning letter Robin Williams wrote to his Mrs Doubtfire co-star's principal after they expelled her
- 5 Ferguson protests: 90-year-old Holocaust survivor Hedy Epstein ‘arrested’ by police during St Louis demonstrations
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
World peace? These are the only 11 countries in the world that are actually free from conflict
iJobs Money & Business
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...
£60000 - £90000 per annum + Bonus: Harrington Starr: Global leading Energy Tra...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£45000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Harrington Sta...